Bob Stott, outgoing chief executive of Morrisons, is to take on a consultancy role at the supermarket group when he steps down later this year. The retailer's annual report, published this week, revealed that Stott would work on a consultancy basis for 12 months "at an appropriate market rate".

Morrisons said that Stott would stay with the group until a successor had been found. After a handover period, he would leave with a payment worth "two times his salary, profit share and certain benefits". Analysts estimate that this could be as much as £1.42m.

Stott became the first chief executive of Morrisons in March last year.